The stock market crash of 1929 and the subsequent Great Depression left many elderly Americans in poverty. In fact, more than half of seniors lacked the necessary income to support themselves in 1934, prompting a number of states to implement old-age pension programs. But those state-run systems were largely ineffective, and most of them disappeared quickly when the Social Security Act was signed into law in 1935.

Today, 88% of Americans 65 years of age and older receive Social Security benefits, and more than half of retirees say those benefits represent a major source of income. Unfortunately, while the program has undoubtedly kept many seniors out of poverty, the Social Security program is in need of reform.

Here are three big changes proposed by various politicians in Washington.

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Source Fool.com